Let’s get this straight. In our opinion, no one should have to pay to deposit their money into a bank account, especially if you’re a student. So, if you’re new to Prague and need to get a decent bank account that won’t get a hold of part of that hard-earned money, read on! We delved into the deep water of the Czech banking system so that you don’t have to. AND we’ve read the small print, all for you.

Recent years have witnessed the Czech Republic undergo a literal revolution in the sense of the bank accounts that are convenient primarily for the client instead of the bank. The bigger traditional institutions have been joined by smaller banks which lay emphasis on the client-friendly service. Even in this case, however, you have to be cautious since many of the “cool” banks just go with the flow, when in reality, you end up paying unnecessary fees you can avoid at other banks. We have prepared a list of four banks that offer quite a broad range of services and don’t ask for absurd fees.

The banks with the best student accounts

G2 by KB is a free student account with many benefits and a few fees that can easily be avoided if you’re able to plan ahead.

It also gives you a choice of a 2nd account in USD / EUR. For a bit of a vanity boost, you can use a personalised image on your card. Within the Czech Republic, you can withdraw your cash from the KB ATMs for free but being unfaithful to the company will cost you 39 CZK for every withdrawal. If you travel abroad, you can withdraw cash for free once per month but should you need more foreign currency in your wallet, it will cost you 90 CZK per withdrawal. KB is all for modern people, therefore you can also pay with Apple Pay, Google Pay, Garmin Pay and Fitbit Pay (and it’s free as well). If you need to be informed about your account via SMS, it’ll cost you 2.5 CZK per message, but who does that anymore anyway?

If you have some cash on you and need to deposit it to your card, you can do so at the cash desk – it won’t cost you anything. However, if you withdraw money at the same place, you’ll pay a 75 CZK fee, so we really advise you to make use of the ATM instead.

Other than that, the KB Students’ account is free to use. So, as we said, with a little anticipation and planning, you can avoid the bank’s fees and enjoy a stress-free account.

EKonto Student Premium by Raiffeisen Bank is quite a good one, too. You just have to make sure to “use your account actively” in order to avoid the monthly fee. This means at least three transactions per month, such as withdrawing money from the ATM (which is free of charge) or paying with your card. Failing to meet this condition means you’ll have to pay 49 CZK that month. Other than that, the basic functions of the account are free. You can even withdraw money from any ATM in the Czech Republic AND abroad without any fee! The SMS notification will cost you 4 CZK in this case. If you want to have the monthly account overview sent by post, you’ll have to pay 40 CZK, which, in our opinion, is fair enough. Just use your email and be environmentally friendly and thrifty at the same time!

Summary:

Age

Under 26

ATM withdrawal

Free cash withdrawal from any ATM

Withdrawal abroad

Free cash withdrawals abroad

Sending money in CZ

Free

Receiving money in CZ

Free

Other

USD or EUR account free of charge as well

SMS notification 4 CZK

The student account at Česká spořitelna is also recommendable, with the only fee being 2 CZK for payments to another bank in the Czech Republic. According to the bank’s motto, this account will teach you to handle your money responsibly, and in connection with this, we are very intrigued by the fee imposed on card payments for gambling, betting and lottery tickets – it’ll cost you 20 CZK. No other exceptional fees are applied – you can withdraw money free of charge from their ATMs as well as from the Erste Group’s ATMs abroad. Using other banks’ ATMs will cost you 40 CZK in the Czech Republic and 125 CZK abroad.

Summary:

Age

Under 26

ATM withdrawal

Free cash withdrawal from any ČS ATM

40 CZK from other ATMs in the Czech Republic

Withdrawal abroad

Free cash withdrawals abroad from Erste Group’s ATMs

125 CZK for cash withdrawals abroad from any other ATM

Sending money in CZ

Free

Receiving money in CZ

Free

Other

SMS notification 25 CZK (25 SMS / month)

To round out the student-friendly bank list, we have decided to include Equa Bank, because even though it doesn’t offer a special student account, their “classic” one is great for literally everybody, as long as you’re over 18 years old. Everything you do with a bank account is free of charge. There are only two 9 CZK fees you can stumble upon while using the account: balance inquiry on the ATM of another bank and cash withdrawals abroad. While the latter is a necessary evil sometimes, you can avoid the first one by simply checking your balance in the mobile app or using internet banking, so it’s not really an issue.

Summary:

Age

Under 26

ATM withdrawal

Free cash withdrawal from any ATM

Withdrawal abroad

9 CZK for withdrawals abroad

Sending money in CZ

Free

Receiving money in CZ

Free

Other

USD or EUR account free of charge as well

SMS notification 1.5 CZK

As we already mentioned, the Czech banks have come a long way in the last couple years. The competitive market has forced them to offer friendlier rates, and as a student, you have even broader possibilities. There are many banks, not just those on our list, that offer “favourable student accounts.” That being said, it is very important to take a long look at their pricelist, since for many of them it is a convenient marketing phrase rather than the truth. Stick to our list, or if you’d like, check out the other banks on the Czech market, but always be sure to read the complete pricelist as the advantages listed on the first page are usually just a convenient selection of the services. The other “details” are skilfully concealed on the second or third subpage of the bank’s website – sometimes, finding the complete pricelist is a great odyssey, complete with a revelation of all the inconspicuous bank fees.

When you’ve chosen the right account, enjoy spending your money on things you actually want, and not on the bank itself!